Shanghai prime office vacancies near 20-year high
Prime office buildings in China's financial hub Shanghai continue to lose their luster, with the vacancy rate hitting a new high amid a supply glut in the first quarter.
The vacancy rate of grade-A office buildings reached 20.9%, up 1.1 percentage points from the previous quarter and up 2.8 percentage points from a year ago, marking the highest in nearly 20 years, according to data from real estate adviser CBRE Group Inc.